Anticipated Dogecoin Value for August 7th
In the world of cryptocurrencies, August 2021 is shaping up to be an interesting month, especially for Dogecoin (DOGE) and Ethereum (ETH). Here's a breakdown of the latest predictions for these two popular digital assets.
Dogecoin, one of the biggest gainers today, has seen a 6% increase in value. The hourly rate of DOGE has broken the local resistance of $0.2066, indicating a potential upward trend. However, the most reliable forecast for the remainder of August is sideways movement roughly between $0.22 and $0.25. A breakout above $0.25 is needed to fuel a potential rally, according to recent predictions.
Technical indicators suggest consolidation with potential for a breakout. The price of DOGE has been hovering near the $0.2279 and $0.23 resistance levels, with possibilities to rise slightly if the breakout confirms. But broader signals imply sideways trading within about $0.22–$0.25.
Analysts are also looking at chart patterns from 2021, specifically a "double bottom" breakout pattern. If repeated, this could lead DOGE toward higher prices. Under very bullish conditions (high volume and positive market sentiment), DOGE could potentially reach $1.37 or even as high as $3.50 by year-end. However, this is a longer-term scenario beyond August itself.
Short-term price action in August shows DOGE oscillating around $0.23 and struggling to close above $0.25. Unless it surpasses this level solidly, range trading is expected for the near term.
On the other hand, Ethereum's bulls seem to be in control in the longer time frame, potentially pushing prices towards $0.2150-$0.22. If the daily bar closes at current prices, Ethereum may continue to rise towards $0.22. However, the midterm outlook for Ethereum suggests sideways trading within the range of $0.19-$0.22.
At press time, Dogecoin is trading at $0.2130, while Ethereum is at $2,026.58. Keep an eye on these two cryptocurrencies as we move through August for any potential breakouts or changes in the market trends.
[References] 1. CoinDesk (2021). Dogecoin price prediction: DOGE could hit $1.37 by year-end under bullish conditions. [online] Available at: https://www.coindesk.com/markets/2021/08/13/dogecoin-price-prediction-doge-could-hit-1-37-by-year-end-under-bullish-conditions/ 2. CoinStats (2021). Dogecoin Price Prediction August 2021. [online] Available at: https://coinstats.app/blog/dogecoin-price-prediction-august-2021 3. NewsBTC (2021). Dogecoin Price Prediction 2026: DOGE Could Reach $10 According To This Analyst. [online] Available at: https://www.newsbtc.com/news/dog/dogecoin/dogecoin-price-prediction-2026-doge-could-reach-10-according-to-this-analyst/ 4. CryptoPotato (2021). Dogecoin (DOGE) Price Analysis: DOGE Breaks Above $0.2066, Can It Reach $0.22 Next? [online] Available at: https://cryptopotato.com/dogecoin-doge-price-analysis-doge-breaks-above-0-2066-can-it-reach-0-22-next/ 5. FXEmpire (2021). Dogecoin Price Prediction: Dogecoin Could Hit $10 in 2026. [online] Available at: https://www.fxempire.com/forex/news/dogecoin-price-prediction-dogecoin-could-hit-10-in-2026-87666
- Despite Dogecoin's current struggle to close above $0.25, recent predictions suggest a potential rally could occur if DOGE breaks out above this level, possibly reaching prices as high as $1.37 or even $3.50 by the end of the year, although this is a longer-term scenario beyond August.
- When it comes to Ethereum, the midterm outlook indicates sideways trading within the range of $0.19-$0.22, while the daily data suggests it might continue to rise towards $0.22 if the current prices hold at press time.
- In the realm of finance and technology, crypto investors closely follow price predictions for popular digital assets like Ethereum, keeping an eye on potential breakouts or shifts in market trends, especially during an interesting month like August 2021.
